Latest News & VACUL Headlines
- Mortgage Rates at Credit Unions, Community Banks Rise in H1
July 12, 2022The median interest rates offered by community banks and credit unions rose in the first half of 2022 amid the Federal Reserve's effort to tame inflation via monetary policy tightening. Rate hikes on 15-year and 30-year fixed mortgages offered by community banks and credit unions were higher than rate hikes on other products, such as new auto loans, used auto loans, and home equity lines of credit, according to the S&P Global Market Intelligence data.
- Brainard Calls Digital Dollar a 'Natural Evolution' of Payment System
July 12, 2022A central bank digital currency could play a key role in protecting financial stability, Federal Reserve Board Vice Chair Lael Brainard said in a speech. In remarks delivered at a Bank of England conference in London, Brainard said a CBDC could be a settlement layer that connects a system of regulated stablecoins to one another and to public money. The comments were the strongest endorsement a Fed official has given to the idea of a digital U.S. dollar to date.
- Certificate of Deposit Rates Rise Modestly in Aftermath of Fed Rate Hikes
July 12, 2022The rates that banks offer on their certificates of deposits have only increased modestly through late-June despite sizable rate hikes by the Federal Reserve in recent months.
- Treasury RFC Seeks Input on Digital Assets
July 12, 2022The Treasury Department has issued a request for comment (RFC) on the responsible development of digital assets, which fulfils its consultative requirement under President Biden's Executive Order on Ensuring Responsible Development of Digital Assets.
- CFPB: Permissible Purposes for Pulling and Using Credit Reports
July 12, 2022The Consumer Financial Protection Bureau (CFPB) has issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new advisory opinion makes clear that credit reporting companies and users of credit reports have specific obligations to protect the public’s data privacy.
- FHA Mortgage Eligibility Expanded For COVID-19 Affected Borrowers
July 12, 2022The Federal Housing Administration has announced new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to the COVID-19 pandemic.
- UVA Community Credit Union Awards $34,500 to Area High School Seniors
July 12, 2022UVA Community Credit Union announces the 2021-2022 recipients of its annual scholarship program. Twenty-three high school seniors were awarded $1,500 each.
- LIMITED SPACE REMAINING: Join Us July 14 for the Hampton Roads Emerging Professional Network CEO Panel
July 11, 2022Please join the Virginia Credit Union League’s Emerging Professionals Network for our Hampton Roads CEO Panel. Hear insight and advice from three of the Commonwealth’s top credit union leaders.
- League President Carrie Hunt Participates in Swearing-In Ceremony for NCUA's Harper
July 11, 2022League President/CEO Carrie Hunt participated in today's ceremonial swearing-in ceremony for National Credit Union Administration Chairman Todd Harper.
- Economic Update: Crypto Trends and Risks
July 11, 2022CUNA Senior Economist Ligia Vado discusses cryptocurrencies, risks and trends, and consumer interest in the latest CUNA Economic Update.